§ 59B-5. Real and personal property; nonprofit association as legatee, devisee, or beneficiary. - North Carolina Statutes

§ 59B‑5.  Real andpersonal property; nonprofit association as legatee, devisee, or beneficiary.

(a)        A nonprofitassociation is a legal entity separate from its members for the purposes ofacquiring, holding, encumbering, and transferring real and personal property.

(b)        A nonprofitassociation, in its name, may acquire, hold, encumber, or transfer an estate orinterest in real or personal property.

(c)        A nonprofitassociation may be a beneficiary of a trust or contract, a legatee, or adevisee.

(d)        Any judgments andexecutions against a nonprofit association bind its real and personal propertyin like manner as if it were incorporated. (2006‑226, s. 1.)